See today’s mortgage rates on Zillow (2024)

Adjust the graph below to see historical mortgage rates tailored to your loan program, credit score, down payment and location.

What is a good mortgage interest rate?

The best mortgage rate for you will depend on your financial situation. A home loan with a shorter term may have a lower interest rate but a higher monthly payment, while a home loan with an adjustable interest rate may have a lower interest rate at first but then change annually after a set period of time. For example, a 7-year ARM (adjustable-rate mortgage) has a set rate for the initial 7 years then adjusts annually for the remaining life of the loan (loan term), while a 30-year fixed-rate mortgage has a rate that stays the same over the loan term.

How to get the best mortgage rate

Mortgage rates change daily and can vary widely depending on a variety of factors, including the borrower's personal situation. The difference in mortgage rates can mean spending tens of thousands of dollars more (or less) in interest over the life of the loan. Here are some tactics to help you find the best mortgage rate for your new home loan:

• 1

  Shop around for a lender

  Using the lender your real estate agent typically works with doesn't guarantee you'll get the best mortgage rate for your home loan. Ask around for recommendations or use an online tool to find a lender who can provide you with a loan that is best for your situation.

• 2

  Compare lender fees

  Along with mortgage interest rates, each lender has fees and closing costs that factor into the overall cost of the home loan. When choosing a lender, compare official Loan Estimates from at least three different lenders and specifically pay attention to which have the lowest rate and lowest APR. This will help you feel confident you are getting the best deal.

• 3

  Increase your down payment

  Did you know that your down payment amount can have an impact on your mortgage rate? That's because mortgage rates are generally tiered, and typically lower rates are available for those with a down payment of 20% or more. If possible, check with your lender to see if increasing your down payment will lower your mortgage interest rate.

• 4

  Improve your credit score

  Your credit score may affect the mortgage rate that the lender offers you. Generally, the higher your credit score, the lower the interest rate will be on your home loan. Before applying for a mortgage, review your credit score and get it in the best shape possible. Learn more about how to improve your credit score.

• 5

  Consider different types of home loans

  The 30-year fixed rate mortgage is the most common type of home loan, but there are additional mortgage options that may be more beneficial depending on your situation. For example, if you require a lower interest rate, adjustable-rate mortgages (ARM) offer a variable rate that may be initially lower than a 30-year fixed rate option but adjusts after a set period of time (usually 3, 5, 7 or 10 years). Given that ARM loans are variable, the interest rate could end up being higher than with a 30-year fixed rate mortgage that has a locked-in mortgage rate. A 15-year fixed rate mortgage, on the other hand, may offer a lower interest rate that won’t fluctuate like an ARM loan but requires a higher monthly payment compared to a 30-year fixed rate mortgage. Consider all your options and choose the home loan that is most comfortable for you.

Frequently asked questions about mortgages

• What is a mortgage rate?

• How are mortgage rates determined?

• How to compare mortgage rates?

• What is the difference between interest rate and APR?

• What is a mortgage point?

• What are origination fees?

• What is a discount point?

• How much is a mortgage point?

• How much does 1 point lower your interest rate?

• What is a lender credit?

• What is a mortgage rate lock?

• When should I lock in my mortgage rate?

• How does the Federal Reserve affect mortgage rates?

Mortgage resources